Settle the tax with a PSA

Settle the tax with a PSA

Occasionally you may reward your employees with something special such as a holiday or a hamper. If the value exceeds the tax-free amount permitted under the rules for say long service awards, trivial benefits or staff suggestions it will be taxable. To avoid your...
Student loans, property and pensions

Student loans, property and pensions

Student loan repayments (SLR) are normally deducted under PAYE from employment income so many people incorrectly assume that SLR are not due on other ‘unearned income’ such as rent or pensions. SLR will in fact be payable where the unearned income exceeds...
Recognising capital losses 

Recognising capital losses 

The annual capital gains exemption (currently £12,300) may cover most of the capital gains that you make on your share portfolio. However that exemption will be cut to £6,000 on 6 April 2023 and £3,000 in April 2024.  If you are planning to make large capital...
Largest ever NMW rise 

Largest ever NMW rise 

The national minimum wage (NMW) and national living wage (NLW) rates are due to rise significantly for pay periods starting on and after 1 April 2023. These increases – the largest since the NMW began – are being introduced because inflation is running at...
Pension allowances increased

Pension allowances increased

The Chancellor announced the relaxation of three different pension allowances to encourage older taxpayers to remain an active part of the workforce or to return to employment if they have retired early. The pensions annual allowance provides a cap on the total...